Buyer’s market brings festive cheer with more stock and ability to negotiate

Rising stock levels across Canberra real estate are creating a festive boon for buyers with greater choice, less haste and more opportunity to negotiate.

The latest CoreLogic Hedonic Home Value Index, published on Friday, shows Canberra real estate continued to make solid ground in November, recording 0.5% growth for the month and 1.1% across the quarter.

The median dwelling price is now $842,677.

Windrose Property Principal and Licensed Agent Sam McGregor said steady growth experienced across the market reflected a positive trajectory after incredible price rises during the COVID pandemic and a petering of market conditions before finding its feet again.

“What we have seen in the past month and past quarter is pretty strong growth in anyone’s terms,” Sam said.

Since the onset of COVID, the ACT has enjoyed some of the highest property growth rates in the country, recording an increase in values of 39.8% since March 2020.

After a trough in January this year, prices have made up ground, increasing by 1.6%.

“Since the start of the pandemic, Canberra has had one of the biggest growths, one of the smallest contractions and one of the most stable recoveries,” Sam said.

“The market is strong and there are still great opportunities to buy because prices aren’t skyrocketing like they are in other major cities.

“We know market confidence is there because the values are going up still, but it’s not insane, which means it’s a great time to buy and an intelligent time to sell…The fact that we are still in an uptick in prices means the buyer demand is there. Everything is functioning well.

“The spring boom hasn’t done anything dramatic to the market – good or bad – it’s just kept it strong and steady.”

CoreLogic Research Director Tim Lawless said over the four weeks ending November 26, advertised stock levels were above the previous five-year average in Canberra, Hobart, Melbourne and Sydney.

“In these cities, market conditions are now in favour of buyers as higher stock levels provide more choice, less urgency and greater opportunities to negotiate,” Tim said.

Sam urged vendors considering a sale before the end of the year to act quickly.

“There’s still a lot of homes to be bought and sold between now and Christmas, and there’s still a lot of movement in the market,” he said. “Further into December, that may change, particularly if we get another interest rate movement in December.”

The Reserve Bank of Australia Board will make its last meeting of the year on Tuesday (December 5) to discuss monetary policy and cash rates and will not meet again until February next year.